The Barclays '10 Years of Spend' report, released today, provides a comprehensive analysis of UK consumer behavior and spending patterns over the past decade. The report draws from billions of transactions and 200,000 completed surveys to identify trends that have shaped financial priorities amid major events such as Brexit, the cost-of-living crisis, and the rise of Gen Z.
The data reveals a decline in confidence in the strength of the UK economy, dropping from 45% in 2015 to 28% in May 2025. Despite this, household financial confidence has remained stable, averaging 69% over the last year.
Barclays' report marks ten years since it began tracking consumer confidence against key financial measures like household finances and job security. It highlights a shift towards discretionary spending on categories such as beauty, entertainment, and travel. Discretionary spend has grown by an average of 9.2% annually between 2021-2024.
Karen Johnson, Head of Retail at Barclays, noted: "Ten years’ worth of analysis tells us that while confidence in the UK economy has declined, UK households’ confidence in their ability to manage their money has remained strong."
Jack Meaning, Chief UK Economist at Barclays, emphasized the importance of viewing economic trends over time: "This report reminds us of the importance of taking a step back, providing a view of the bigger picture over the last decade."
Consumer Futurist William Higham observed that values and emotions often drive spending choices during uncertain times: "This ‘Seesaw Spending’ means functional purchases often take a back seat in favor of fun."
The findings also show that consumers are increasingly attentive to budgeting and value for money. Entertainment and travel have outperformed other retail subcategories post-pandemic. Spending on digital content has risen by 47.5% since January 2020.
Travel spending has consistently grown since April 2021 as restrictions lifted. Popular destinations include Spain and France. The report suggests that despite global instability, consumers continue to prioritize experiences over material goods.